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Rebalancing the world economy: America: Dropping the shopping | The Economist

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“Writing America off is always a dangerous thing to do.

Most probably, however, it faces years of painfully high unemployment and sluggish growth. GE’s union at its plant in Louisville had to agree to a wage freeze until 2011 and to let new employees start for just $13 an hour. Like GE’s workers, Americans will find the new, export-driven model of growth much less comfortable than the old one.”

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